15 May 2004

Raffles Medical Group (RMG) continues its strong 2003 performance into the new year, thanks to increased hospital admissions and improved clinic operations.

The Group’s revenue grew by 12.2% to $24.9 million in Q1 2004, up from $22.2 million in Q1 2003.

Net profit after tax and minority interest increased 9.1% to $2.2 million as compared to Q1 2003.

Clinic operations and other healthcare services generated 54.7% of revenue while hospital services generated 44.7%.

Spurred by greater efforts in international marketing as well as efforts to provide affordable healthcare to local patients, admissions at Raffles Hospital grew by 13.6% compared to the same period last year. This has resulted in a 23.2% growth in hospital revenue, from $9.0 million in Q1 2003 to $11.1 million this quarter.

Said Dr Loo Choon Yong, Executive Chairman of Raffles Medical Group: "We have done well. But we should not rest on our laurels."

"Singapore is poised to become the regional medical hub. To be worthy of that title, we must continuously seek improvements and advancements, be it in medical technology or service delivery."

"As a Group, we want to grow our clinic network, strengthen our medical specialties and expand our business to more markets overseas. The aim, as always, is to give the best total healthcare to all our local and foreign patients."

The cluster of Raffles Medical clinics will grow as the Group continues to open new clinics for the rest of the year.

Raffles Hospital will recruit more consultant specialists and extend the breadth and scope of its clinical services. This drive has already started, with nine new specialists joining the Group since late last year.

With stronger economic growth and a more optimistic outlook in Singapore and the region, the Directors are confident that the Group will perform well for the rest of the year.

For clarification, please contact:

Liang Hwee Ting (Ms)
Corporate Communications Manager
DID: 6311 1312
Email: liang_hweeting@rafflesmedical.com